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Thomson Reuters
Apr 16 - 01:24 PM
EUR/USD: Building Momentum For Next Jump; Sell Rallies Towards 1.1380-1.1450 - ING
First appeared on eFXplus on Apr 16 - 11:15 AM

ING discusses EUR/USD technical outlook and maintains a neutral bias on a multi-days basis.

"Prices are trying to find support above the broken and declining MA-50 line at 1.1299 in the past few days. This suggests prices are building momentum for the next jump in prices after prices successfully tested the horizontal support around 1.1215. The rising daily momentum chart is confirming the likelihood of further rising prices," ING notes. 

"Next strong resistance comes in at the upper end of the falling trend channel around 1.1380 with the declining EMA-200 line coming in at 1.1450. We still recommend selling the rallies towards these resistance levels as our long-term view remains bearish," ING adds. 

Source:
ING Research/Market Commentary

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